Warehouse Receipts, Bills of Lading and Other

ORS 77.1060
Control of electronic document of title


(1)

A person has control of an electronic document of title if a system employed for evidencing the transfer of interests in the electronic document reliably establishes that person as the person to which the electronic document was issued or transferred.

(2)

A system satisfies subsection (1) of this section, and a person is deemed to have control of an electronic document of title, if the document is created, stored and assigned in such a manner that:

(a)

A single authoritative copy of the document exists which is unique, identifiable and, except as otherwise provided in paragraphs (d), (e) and (f) of this subsection, unalterable;

(b)

The authoritative copy identifies the person asserting control as:

(A)

The person to which the document was issued; or

(B)

If the authoritative copy indicates that the document has been transferred, the person to which the document was most recently transferred;

(c)

The authoritative copy is communicated to and maintained by the person asserting control or a designated custodian;

(d)

Copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the person asserting control;

(e)

Each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and

(f)

Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized. [2009 c.181 §54]
Note: 77.1060 (Control of electronic document of title) was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 77 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
WAREHOUSE RECEIPTS: SPECIAL PROVISIONS

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Last accessed
Jun. 26, 2021